Criminals are after homes in South Africa with these high-value items
Criminal syndicates are are targeting high-end goods in South Africa, with owners of items like rare artworks, expensive jewellery and high-value items urged to take necessary precautions.
High-end goods theft has recently entered the news following the jewellery heist at the Louvre in Paris. Although the perpetrators have been caught, the missing jewels have not been found.
However, this type of crime is not limited to international markets or Hollywood scripts; luxury crime is just as prevalent in South Africa.
“For collectors, art lovers and owners of fine jewellery, the risk to high-value assets is not limited to museums or public institutions,” said Tarina Vlok, MD of Elite Risk Acceptances, part of Old Mutual Insure.
“The same threats, theft, damage, or loss, apply to private collections, whether they’re kept in safes at home, displayed on walls, worn, or loaned out for exhibition.”
In the town of Pringle Bay, Western Cape, thieves stole R1 million in art from the FOMO Fine Art Gallery.
The thieves stole seven sculptures by renowned South African artists Anton Smit and Janko de Beer in a carefully planned heist.
The scale and precision of the theft suggested that these criminals were organised rather than opportunistic.
This is not the first time that South Africa has seen a major heist for luxury goods, and will not be the last.
In 2019, South Africa’s richest man, Johann Rupert, had over R300 million in luxury jewellery stolen from his warehouse.
Vlok said that these cases are pointing to a growing sophistication in criminal networks targeting high-value possessions at private homes, galleries and museums.
Although typical policies are designed to cover a home and its contents, there is sometimes limited coverage for valuable possessions that may be lost, stolen, or damaged.
“Speak to your broker or insurer to find out what is the best way to accommodate high-value items,” said Vlok, noting that not all insurance policies provide the same level of coverage.
She added that collectors face several risks when purchasing one-of-a-kind pieces, including damage during transit or from incidents involving fire, water or theft.
“Remember too that you need to take adequate safety and security precautions around your home as theft of high-value items remains a significant threat in South Africa,” said Vlok.
She noted that keeping collectable jewellery in safes is essential, as many insurers may also specify whether your home safe needs to be wall- or floor-mounted.
How to stay safe
Vlok said that there were several tips to help South Africans protect their high-value items.
- Avoid the temptation of undervaluing your jewellery or art collection in an attempt to save on the premium, as this can hurt in the claims stage.
- Rare pieces of jewellery require insurance that covers a wide range of risks, including theft and damage.
- Keep in mind that some art doesn’t appreciate in value, but may still require insurance.
- Make sure you take adequate steps to keep an item safe. If your jewellery items are kept in a bank vault, you may be eligible for a lower premium. Failure to comply may result in them not paying if you suffer a loss.
- Have rare or high-value items appraised by a specialist. Without a valuation certificate, one runs the risk of no payout in the event of loss or damage.
- When buying collectable or rare pieces, insurers are likely going to need a certificate of provenance.
She added that owners should ensure their security measures and insurance coverage truly reflect the value and risk profile of their collections/
“This is especially relevant as we approach silly season, where targeted crime and opportunism often go hand in hand.”
“It is important to remember that criminals take advantage of holiday goers, empty homes and relaxed vigilance during the festive season.”
Loading ...